Layer 2 scaling solutions have revolutionized the space with faster and cheaper transactions, as well as increased scalability and improved privacy and security.

In a bid to increase its competitiveness against rival blockchain networks, a proposal has been submitted that aims to adopt a lower transaction fee cost on Binance Smart Chain (BSC).

BSC Proposal

The proposal, submitted on March 28th, highlighted the need for a more adaptive transaction cost distribution on the BSC network with a more flexible transaction fee structure in a bid to ensure efficient block utilization and attract new users. It further stated that such an approach would help sustain the BNB economy while enhancing BSC’s position in the market, especially in the multichain strategy laid down in its roadmap.

According to the proposal, BSC’s high gas fees have impeded the network activity and claimed that the utilization of around 15-20% could aggravate if the gas fee is left unchecked.

“BSC transaction costs are currently set at a relatively high fixed rate of 5 gwei, which may not be as appealing to users as the more affordable fees provided by L2 solutions outside of the BSC ecosystem. This will ensure the existing and future BNB Chain L2 solutions remain competitive and keep attractive users in the ecosystem.”

The proposition for the BSC validators is to allow users to choose fees below the current 5 gwei rate, with options to go as low as 3 or 4 gwei, depending on their financial needs. This approach, as per the user, “would make BSC L1 more attractive than other ecosystems’ L2 solutions and provide a competitive advantage for potential BSC L2 solutions ( BSC L2 should have a target of < 0.005$/tx.”

In addition to the high transaction volume on BSC, which would serve as a strong financial incentive to participate as validators, the approach is also expected to enhance sustainability, attract new users, and optimize block utilization to the network.

Binance Smart Chain Hacks

In a recently rolled out roadmap, BSC said the focus in 2023 will be the EVM compatibility and mainnet launch of its new layer 2 infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure. The blockchain also intends to increase its throughput from 140 million gas limit and 2,200 TPS to 300 million gas limit and 5,000 TPS.

Meanwhile, the daily transactions on BSC have increased by nearly 60% since the beginning of this year, from 2.46 million to 3.89 million as of March 29th. Despite the notable rise, BSC has suffered significant disruptions in 2022.

The network operations were temporarily halted following a $600 million hack in October. Several decentralized finance protocols housing on the network also witnessed hacks throughout the year. This included Uranium Finance, Spartan Protocol, Meerkat Finance, etc.

#bsc #Binance #crypto2023 #crypto #BTC

#Metaverse #bsc #ETH

LakeView-Meta is an open-world metaverse, built with Unity, and powered by the BinanceSmartChain. It combines multi-chain capability with P2E/C2E gaming, NFTs, staking allowing users to create and monetize their creations.

CenturyVerse, launching in LakeView soon, is proprietary metaverse engine, built with Unity, that allows users to create their own immersive world inside LakeView-Meta. Our innovative grid format and asset management system makes it incredibly simple to start building, from day one, with zero coding or metaverse experience. LakeView provides thousands of assets to customize a builders vision and also allows the import of a builders own digital creations if desired.

When LakeView Meta, was first conceived, our goal from the beginning was to create a metaverse loaded with utility that also extends deeply into the real world to offer real world benefits and applications for businesses and institutions. The real-world applications began in Q4 2022 and will ramp up into 2023. We believe these real-world applications will be one of the strongest areas of growth, in the coming years, as traditional businesses realize the depth and reach, they can achieve in attracting new and servicing existing customers.

Check out the LakeView-Meta GitBook here: https://lakeviewmeta.gitbook.io/lakeviewmeta/